Santa Fe Secures $1.2M Capital Raise Ahead of Eburnea Gold Project Buy
Santa Fe Minerals advanced its gold and vanadium exploration projects in Western Australia while moving to acquire the Eburnea Gold Project in Cote D’Ivoire, contingent on a capital raise and shareholder approval.
- Expanded gold anomalies at Golden Girls and new Golden Hope prospect defined by auger sampling
- Preparation for air-core drilling to test gold targets in Western Australia
- Agreement to acquire Eburnea Gold Project in Cote D’Ivoire pending $1 million capital raise
- Binding commitments secured for $1.2 million at a 61% premium share price
- Quarter-end cash balance of approximately $1.05 million with ongoing exploration expenditure
Exploration Progress at Challa Gold Project
During the June quarter, Santa Fe Minerals continued to build on its exploration momentum at the Challa Gold Project in Western Australia. The company focused on the Golden Girls prospect, where extensive auger sampling extended known gold anomalies along a 5-kilometre strike. Notably, new anomalies were identified at both the northern and southern ends of this trend, with assay results confirming gold concentrations up to 256 parts per billion.
In addition to Golden Girls, Santa Fe uncovered three fresh gold anomalies at the newly named Golden Hope prospect, located about 2 kilometres west. These findings suggest a broader mineralised system than previously understood, setting the stage for targeted air-core drilling to test these open-ended anomalies.
Watson’s Well Vanadium Project Remains on Hold
Meanwhile, activities at the Watson’s Well Vanadium-Titanium-Iron Project were limited to desktop studies during the quarter. Previous drilling had intersected thick magnetite zones with promising vanadium and titanium grades, but no fieldwork was conducted in this period. The company appears to be consolidating data ahead of potential future drilling campaigns.
Strategic Acquisition of Eburnea Gold Project
Post-quarter, Santa Fe announced a significant step to broaden its gold portfolio by agreeing to acquire the Eburnea Gold Project in Cote D’Ivoire from Turaco Gold Limited. This acquisition includes the Satama Permit and Bouake North Application, both of which have demonstrated multiple gold mineralised zones through previous drilling and geophysical surveys.
The deal is conditional on Santa Fe completing a capital raising of at least $1 million and obtaining shareholder approval for the issue of shares to Turaco Gold as consideration. The company has already secured binding commitments for $1.2 million at a share price representing a 61.3% premium to the last close, reflecting strong investor interest. A general meeting to seek shareholder approval is scheduled for 27 August 2025.
Financial Position and Outlook
At the end of the quarter, Santa Fe held approximately $1.05 million in cash and liquid assets, with operational cash outflows of $216,000 reflecting ongoing exploration and corporate costs. The company’s prudent cash management, combined with the recent capital commitments, provides a runway to advance both its existing projects and the pending acquisition.
Payments to related parties amounted to $61,325, covering director fees and superannuation, consistent with prior periods. Santa Fe continues to evaluate additional opportunities in the resources sector, maintaining a clear focus on gold exploration as a strategic priority.
Bottom Line?
Santa Fe Minerals’ upcoming shareholder vote and capital raise will be pivotal in unlocking new growth avenues through the Eburnea acquisition and advancing its Australian gold targets.
Questions in the middle?
- Will the shareholder meeting approve the capital raising and Eburnea acquisition as planned?
- How will the upcoming air-core drilling results at Golden Girls and Golden Hope influence project valuation?
- What is the company’s timeline and strategy for reactivating fieldwork at the Watson’s Well Vanadium Project?
